PUBLISHER: The Insight Partners | PRODUCT CODE: 1780318
PUBLISHER: The Insight Partners | PRODUCT CODE: 1780318
The Industrial Hose Market size is expected to reach US$ 27.40 billion by 2031 from US$ 14.66 billion in 2024. The market is estimated to register a CAGR of 9.6% during 2025-2031. The development of innovative materials in hose manufacturing is likely to bring new trends to the market in the coming years.
Extensive Applications of Industrial Hoses in the Automotive Industry is Driving the Industrial Hose Market Growth
The automotive industry requires a variety of industrial tools in the production of a vehicle. Industrial hoses are essential in the production facility of vehicles. They are used in a broad range of manufacturing procedures, including transportation of fuel and lubricants.
The continuous introduction of new vehicle models and the need for advanced manufacturing procedures propel the demand for industrial hoses. According to the data published by the International Organization of Motor Vehicle Manufacturers in 2023, the global automotive production volume is expected to increase from 93.5 million in 2023 to 100 million by 2030. This growth is mainly driven by the soaring adoption of electric vehicles and technological advancements. Currently, electric vehicle accounts for 16% of the total global vehicle sales, by 2030, this penetration is projected to reach approximately 50%. As per the data published by Edison Electric Institute in October 2024, the annual sales of electric vehicles are projected to reach approximately 8 million by 2030, accounting for 46% of total light commercial vehicle sales. The US is the largest manufacturer of automobiles. The burgeoning demand for automotive vehicles propels investments in the automotive sector in the country. In February 2024, Schaeffler announced the expansion of its operations in the US with the addition of a new manufacturing facility concentrating on fabricating automotive electric mobility solutions. The company planned an investment of over US$ 230 million for the establishment of an advanced manufacturing facility in Ohio, US, along with its future expansion until 2032. Major automotive manufacturing plants in the US include Huntsville, General Motors Company's Detroit/Hamtramck Assembly, Flint Truck Assembly, Lansing Delta Township Assembly, Orion Assembly, Ford Motor Company's Flat Rock Assembly Plant, Dearborn Truck, and Michigan Assembly Plant. Thus, rapid growth in automotive industry with a surge in investments by private players is expected to create future growth opportunities for the industrial hose market.
In China, multinational companies are expanding their production capabilities through investments in production and R&D capabilities. In April 2024, the BMW Group, a German carmaker, announced an investment of ~US$ 2.81 billion for the expansion of its production capabilities in Shenyang city in northeastern China. In September 2024, Schneider Electric, a French company, started expanding its production capacity in Shanghai. In September 2024, Intel Corporation unveiled the expansion plan of its chip manufacturing capacity base in Chengdu, southwest China, with an investment of US$ 300 million in its expansion capabilities. Industrial hoses are essential components of material handling, transfer, and other processes in industrial facilities. Thus, rapid industrialization with a surge in investments by governments is expected to create future growth opportunities for the industrial hose market.
Eaton Corporation; Novaflex Inc.; Parker Hannifin Corp; Kuriyama of America Inc.; Gates Corporation; Norres; ALFA GOMMA Spa; Sinopulse; Fu Sheng Rubber & Plastic Ind. Co., Ltd.; and Semperit AG are a few of the key players profiled in the industrial hose market report. Other major players were also studied and analyzed in the report to get a holistic view of the market and its ecosystem. The industrial hose market forecast can help stakeholders plan their growth strategies. The market analysis provides detailed market insights, which help the key players strategize their growth.